FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

West Australian Government Backs Junior Explorers

26 April 2023 11:51
ASX: NIM
Roo

Western Australia continues to cement itself as a tier-one mining jurisdiction with a new battery of grants from its Exploration Incentive Scheme funding the efforts of a number of junior explorers, demonstrating the state’s dedication to pursuing the growth of its prestigious mining sector.

The state’s Exploration Incentive Scheme has just announced the latest class of explorers who will be receiving co-funding as part of its Exploration Drilling Program’s 27th round, which will give a 50 per cent refund on drilling costs for emerging projects.

Established in 2009, the Exploration Incentive Scheme was designed to stimulate private sector resource exploration and uncover new mineral and energy discoveries to increase knowledge of the State’s resources and help increase employment opportunities by providing: government-industry co-funded programs, geophysical surveys and 3D prospectivity mapping.

While originally funded on an ongoing basis of $10 million dollars, previous success saw this funding increase to $12.5 million dollars in June 2021, with a report published in 2020 by the University of Western Australia indicating that for each dollar invested in the EIS, it generates a return of $31 dollars.

Funding from the EIS is highly competitive, with a number of companies vying for funding from the co-funded Exploration Drilling Program and the success of these companies in securing funding demonstrates the State’s high hopes for their exciting projects.

One recipient is Narryer Resources, who now have fifty per cent of the cost for the upcoming drilling campaign at its Rocky Gully REE Project covered by the EIS, alleviating pressure off the company as it seeks to uncover a potential REE-hosted carbonatite complex beneath the project.

Also taking aim at REEs is Nimy Resources, who have also been delivered a grant by the EIS for a drill campaign targeting the Mons Carbonatite Nickel, REE and Lithium Project for a first-pass look at a geophysical feature modelled open to 1.5kms

“Our successful application continues to validate the exploration strategy at the Mons Carbonatite Prospect following on from initial soil sampling, geophysical modelling, and the current reverse circulation drilling program. We are very pleased with the support offered by the government exploration incentive scheme,” Nimy Executive Director Luke Hampson said.

“The successful application validates the work the Company has been putting into the project area. We also think the ground magnetics and higher resolution gravity just completed will also provide additional targets for an upcoming drill program around June / July this year,” Narryer Managing Director Dr Gavin England said.

Dalaroo Metals have also had a maiden drilling campaign testing the significant Browns Pb-Zn-Ag target at its Lyons River Project co-funded by the EIS, having received a grant of $180 thousand dollars for the four-hole campaign.

“Diamond drilling to be undertaken at Browns pursuant to this grant will greatly enhance our geological knowledge of the structural features controlling mineralization at Browns in the Proterozoic age large basin setting of 30km by 10km within our Lyons River Project,” Dalaroo Managing Director Harjinder Kehal said.

This round of grants has been shown to be friendly to international explorers, with First Development Resources, a spin-out of London-listed Power Metal Resources, also receiving funding for a drill campaign targeting its Wallal Copper-Gold Project.

West Australian Minister for Mines and Petroleum Bill Johnston said that the recent round of EIS grants “shows mineral exploration companies remain firmly focused on Western Australia”.

“WA is emerging as a global battery and critical mineral hub, and this success would not be possible without the determined efforts of the exploration companies operating in this State. The EIS continues to support major mineral discoveries that drive new projects, create jobs and deliver economic growth to regional WA.”

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This